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Israeli infrastructure company Lesico has announced that all the preconditions for the execution of the construction and upgrade of a water supply facility in Ghana for around US$102.92mn have been met

Lesico storyThe project is expected to begin in the Q1 2021 for approximately three years. (Image source: thanakorn/Adobe Stock)

The company received a down payment of approximately US$15.74mn.

The project includes planning and execution of an upgrade and construction of a water supply facility for the Ghana national water company, and includes construction and renovation of a water pump facility in the Volta river, construction and renovation of water treatment facilities with a capacity of approximately 40,000 cu/m per day and laying of approximately 60km of water transmission and distribution lines.

It also includes construction and renovation of water towers, booster stations and ground reservoirs. The project will be executed by a subsidiary (100%) formed in Italy.

The project funding will be provided by Deutche Bank, and will be insured by the Italian Export Credit Agency (SACE) along with a sub insurance of the Israeli insurer ASRA. The subsidiary is expected to receive ongoing payments under the terms of the agreement with the Ghana government, from the funding party, depending on the progression of the project. The funding agreement is between Ghana government and the funding party.

Eyal Leshamn, Lesico CEO, stated, “This project will allow us to open a new market, in which we will be able to use all of our capabilities and proficiencies of our different lines of activity. It is also merges with the Group vision and strategy re business expansion in Africa.”